[MARKET ANALYSIS] DXY back above 100 & 200 DMAs as BoJ Governor Ueda fails to spur JPY; NOK outperforms, SEK tumbles
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[MARKET ANALYSIS] DXY back above 100 & 200 DMAs as BoJ Governor Ueda fails to spur JPY; NOK outperforms, SEK tumbles
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On the Newsquawk feed at , 20 minutes before this page.
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- FX shows a risk-off bias with all G10 currencies lower against the Buck.
- DXY is back above its 100 & 200 DMAs around 98.50, after falling below those levels on Monday. The buck saw weakness after the BoJ announcement, where the vote split was more hawkish than expected at 6-3. However, following the meeting, the USD moved higher in tandem with crude benchmarks after news that Iran’s Foreign Minister was not returning to Pakistan following his visit to Russia.
- In addition to this, Ueda at the BoJ presser failed to support bets for a June hike, with the initial move seen on the 6-3 vote split paring to bring USD/JPY to above 159.50, to pre-announcement levels (ventured as low as 158.96). MUFG said the BoJ meeting was unlikely to trigger a sustained reversal of the bearish JPY trend that has been in place since the Middle East conflict started in late February
- Elsewhere, NOK fares the best against the USD amid firmer oil prices. NOK/SEK, +0.4%, continues to edge towards the 1.00 mark not seen since November 2024, with a session high of 99.63.
- GBP is one of the worst performers in the G10FX space, with UK Political developments in the spotlight ahead of a debate & vote on whether PM Starmer should be referred to the Privileges Committee (Full analysis on the headline feed at 09:05 BST) GBP/USD traders lower by 0.3% and breached the 1.35 mark, while EUR/GBP has been creeping higher throughout the session but remains flat on the day.
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